Hot on the heels of another big acquisition, the Gravanis brothers’ Oscars Hotels is divesting famed comedy house and inner west secret the Harold Park Hotel.
What was once the Little Bridge Hotel in 1903 was destroyed by fire in 1959, before eventually being reborn as a two-storey modern brick structure directly across from the former Harold Park Raceway.
Nestled on a corner of Ross Street in the inner-western suburb of Forest Lodge, the Harold Park Hotel (HPH) is a 900+sqm trading footprint, counting a single-service public bar, commercial kitchen and bistro, gaming room with eight EGMs in smoking solution, and louvre-covered outdoor area. The first floor holds another bar, and function room. The strata title also counts two car bays and an elevator.
In the naughties it gained fame as a venue for comedy acts and live music, seeing raucous royalty of the ilk of Robin Williams and Will Anderson tread the boards.
Almost a decade ago Mirvac began work on its vast Vance development, replacing the old dogs’ raceway with 1,280 apartments. After years of delays and the turmoil of a construction site, the project is now finally complete and residents will soon being moving in.
Mid-2019 the HPH fell into financial strife, and the private freehold owner determined to offer the freehold vacant possession on a special finance deal for circa $6.25 million, with a two-year delayed settlement.
The acquisitive Gravanis brothers leapt at the opportunity, signing on in July and swiftly beginning a substantial renovation, in excess of a million dollars, to ensure it was ready for its new opportunities.
The revised offering reopened not long before the pandemic shutdown, but quickly showed promise, which Bill Gravanis relays has already crept back since NSW pubs reopened.
“It’s a great pub,” he says. “It’s a perfect area, and its ready for it now. Under an owner-operator, the Harold Park would kick ass there.”
Last week PubTIC revealed Bill and Mario were the force behind the $28m acquisition of the Tattersalls Hotel and shopping centre at Penrith, through their BMG developments. The pair are also heading into an overhaul of their Novotel at Brighton, and its associated retail.
While Bill remained tight-lipped on their “massive” plans for the Tatts site, he says the Harold Park is not as suited to their direction.
“I’m just focusing on our larger projects,” he explains. “They say there’s a bit of interest out there, and we thought the timing would be good, so give the opportunity to someone else that has time to dedicate to it.”
The freehold going concern of the Harold Park Hotel is being sold via Expressions of Interest.
